Citibank to raise interest rate on credit cards

Citibank in the UAE are raising they’re interest rates to try and fund a set of new values to the credit cards. This is being done Citibank have said to give they’re customers the best value credit cards that they can.

The .29% increase will be applied to the Citibank brand credit card and the Eppco Citibank cards, but the 2% interest rate will still apply to the Emirates Citibank cards.

Other banks in the country will not be seen to follow suit and are actually quite surprised by this move by Citibank, as the 2% interest rate as a benchmark in the market. They also feel that the move may have an effect on they’re customers, who may start to look elsewhere for their credit cards.

Citibank have said that it will make no difference to those who pay off their credit card bills in full each month and the raising of the interest rate will have no bearing to them.